Meet the Petal 1 Rise credit card, which the WebBank issues. Petal’s collection lists three different credit cards, and this card is one of them. It can be your partner helping you in building a credit story. Either you are fixing things up or taking a fresh start, this card will be there to make credit readily accessible.

In this article, we will discuss five facts about the Petal 1 Rise credit card, which will help you better understand these cards. So, without further delay, let's find out what makes the Petal 1 Rise credit card more than just a card.

All You Need to Know About the Petal 1 Rise Credit Card

Whether rebuilding credit or creating credit from scratch, the Petal 1 Rise credit card is made for those who tend to build credit. The Rise credit card, which has moderate charges for annual membership and credit limits ranging from five hundred to five thousand dollars depending on creditworthiness, broadens credit availability.

When your credit card is activated, Petal 1 Rise will charge you a yearly membership fee of 59 dollars and will continue to do so every year. For some people, this fee may be negligible or moderate. In contrast, for others, it may be a burden on their pocket because other alternative credit cards that charge lower annual fees are available in the market.

5 Things You Must Know About the Petal 1 Rise Credit Card

Here’s every essential detail you must know about the Petal 1 Rise credit cards before owning them.

Pre-qualification For the Credit Card

The application process for many credit cards is quite simple. You can simply apply from their official website. But this is not the case with the Petal 1 Rise credit card. You cannot apply directly for that Petal 1 Rise card via their website. After applying, you are subjected to a pre-qualification procedure.

There are three different Petal cards, and during the pre-qualification procedure, you will be considered for every type of Petal card. Pre-qualification is a valuable practice that doesn't affect your credit rating and gives you an idea of your chances of getting approved for a credit card without requiring a preliminary hard inquiry.

After the pre-qualification process, you'll receive an offer depending on the type of credit card you qualify for. If you embrace it and file a formal application for the Petal 1 Rise card, the company that issued it will check your credit.

Annual Charges May Be High for Some

The Petal 1 Rise credit card, which has a yearly fee of 59 dollars, doesn't appear to be the most costly credit card among those intended to improve credit, but it is also not affordable for many people. However, it is better than many "fee-harvester" debit cards, which are usually unsecured cards with high application fees and a long list of additional expenses, including processing, activation, and monthly maintenance charges.

However, the majority of secured debit cards that have no annual charges are superior to the Petal 1 Rise credit card. Yes, these credit cards often demand a few hundred dollar security deposits in advance (though few are more lenient than others).

However, unlike yearly fees, your security deposits will be refunded if you have a track record of on-time payments. Furthermore, other secured credit cards have higher reward rates and provide upgrade routes to better items, which sets them apart from the Petal 1 Rise credit card.

Higher Interest Rates

The Petal 1 Rise cards have high interest rates. These rates range from 28 percent to 35 percent. This is normal for credit cards intended for people with less-than-perfect credit. This is important to remember since maintaining a balance over time can be costly. Pay the entire amount on your debit card each month to prevent being charged these fees.

Other cards are available if interest rates worry you and you would rather not have a balance. Some protected credit cards, for instance, have no annual fees and forbid carrying an outstanding balance from month to month. You might consider these solutions to avoid worrying about high interest rates.

Better Cash-Back Deals

When you go to specific retailers for shopping, the Petal 1 Rise credit card can earn you up to ten percent cash back. Although better options are available, it's a decent benefit of a card that caters to individuals with less-than-perfect credit.

Some credit cards offer great cash-back deals, allowing you to enjoy rewards. Such cards require a security deposit of at least 200 dollars. Along with the rewards, they offer a potential increase in the credit limit with a chance to upgrade to an unprotected credit card in case you qualify. After a period of six months, cardholders are automatically eligible for an increase in their credit limit without making a new deposit.

Increasing Your Credit Limit is Possible

If you meet the requirements of Petal's Leap plan and make timely payments, you might become eligible for a raise in credit limit. But remember that if the company issuing the card decides to alter the conditions at any point, this route will not be feasible for you, and you might be able to discover more favorable or comparable benefits from other well-known cards.

Certain credit cards may need a smaller deposit, ranging from 49 to 200 dollars, in exchange for a credit limit of $200. After six months, they might consider giving you extra credit without requiring more cash in advance. If you make timely payments, you can switch to a comparatively better card offered by the same company.

The Bottom Line!

In this article, we have discussed Petal 1 Rise credit cards in detail, and to sum up, we can say that there may be some exceptions, but Petal 1 Rise is usually an option available to people with fair to poor credit or income. This card has some amazing perks like a credit boost and cash back, but don’t forget to consider interest rates and annual fees.